The Goldman Sachs Group Cuts Chegg (NYSE:CHGG) Price Target to $1.75

Chegg (NYSE:CHGG - Free Report) had its price objective reduced by The Goldman Sachs Group from $3.75 to $1.75 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the technology company's stock.

Several other research analysts have also recently commented on CHGG. Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Thursday. Northland Securities decreased their target price on Chegg from $4.00 to $3.00 and set a "market perform" rating for the company in a research note on Wednesday. StockNews.com lowered Chegg from a "buy" rating to a "hold" rating in a research report on Tuesday, August 6th. Craig Hallum reduced their target price on shares of Chegg from $3.00 to $1.50 and set a "hold" rating for the company in a research note on Wednesday. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research report on Wednesday. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $4.69.

Chegg Price Performance

CHGG traded up $0.14 during midday trading on Thursday, reaching $1.72. 5,152,367 shares of the company's stock were exchanged, compared to its average volume of 3,621,221. Chegg has a 1-year low of $1.34 and a 1-year high of $11.48. The stock has a market capitalization of $175.31 million, a PE ratio of -0.21, a P/E/G ratio of 0.63 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The business's 50-day moving average price is $1.70 and its 200 day moving average price is $2.74.

Chegg (NYSE:CHGG - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 1.91%. The business had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. The company's quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. As a group, equities analysts anticipate that Chegg will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC increased its holdings in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock valued at $6,807,000 after purchasing an additional 2,136,336 shares during the last quarter. AQR Capital Management LLC lifted its stake in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the last quarter. Millennium Management LLC boosted its stake in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock valued at $7,019,000 after buying an additional 1,361,710 shares in the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of Chegg in the 2nd quarter valued at approximately $3,501,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Chegg by 23,988.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company's stock worth $2,995,000 after buying an additional 943,703 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.